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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Krrish denies Sri Lanka allegations, says investor confidence shaken

Krrish denies Sri Lanka allegations, says investor confidence shaken

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
July 18, 2013 (LBO) - India's Krrish group which is involved a property project in Sri Lanka has denied wrongdoing and said recent media reports had shaken the confidence of investors it was in talks with.

Krrish made news when it requested extensions to pay for state land given to it by the Urban Development Authority (UDA) in Sri Lanka, while allegations of pay-offs have surfaced recently involving a key official and powerful figures.

Krrish said it had so far paid 4,250 million rupees which is 85 percent of the agreed amount.

"Constant efforts to highlight that there is a payment delay and other unfounded controversies around the project could discourage not only us by many other potential investors who were looking positively at Sri Lanka," Krrish chairman Amit Katyal said in a statement.

"This has shaken the confidence of the investors with whom we were in discussion for the financial closure."

He said architects Edouard Francois of France and others were developing iconic buildings.

Katyal said dealings with Sri Lanka's government were "extremely transparent" and all transactions were "above board".

He said the company was extremely impressed by the "high enthusiasm" and "exemplary conduct" of all officials at the UDA and other agencies.

Katyal thanked official who advised and supported the group's entry and asked those raising concerns to "understand the correct facts and to support" the project.
http://www.lankabusinessonline.com/news/krrish-denies-sri-lanka-allegations,-says-investor-confidence-shaken/1832719383

bullrun

bullrun
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
May be a work of propaganda unit established! The forum members always better to see the credibility of the source. In Sri Lanka everybody bias towards their link. Gov never accept good things of opposition and opposition is also same. Third party never believe Gov and main opposition.

Media too same. They do not give news but the opinion of their masters. In other words, they are like HMV (His Masters Voice)

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